Stanbic IBTC Denies ASCON Oil Story

Yemisi Izuora

Stanbic IBTC Bank Plc, has denied various online media, which purports to indicate that Ascon Oil Limited, has repossessed a property along Lekki Admiralty Way, pursuant to an alleged Court Order issued in their favour.

“This is certainly a gross misrepresentation by Ascon, as no Court Order was granted to Ascon to warrant their extra-judicial action, which they undertook in forcefully seizing a Petrol Station validly belonging to a third party, in total defiance and disregard of Ruling of Justice Liman of the Federal High Court on 24 July 2020.” the bank said in a statement.

According to the bank, The Federal High Court had on 24 July 2020, clearly REFUSED to grant Ascon’s Application to set aside the Order earlier granted to the Receiver appointed by the Bank to take possession of the Petrol Station located on Lekki Admiralty Way, Lekki Phase 1 Lagos.

In total contempt of the Ruling by the Federal High Court, the Directors of Ascon resorted to self-help, and forcefully seized the property from the valid title holder.

The Bank is taking all lawful steps to ensure that the illegal and unlawful ‘possession’ is reversed and the directors of Ascon are brought to book.”

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